A spiral into deeper negative rates off the table - for now

Brad Tank, chief investment officer - fixed income, Neuberger Berman, discusses the major transition in central bank philosophy that has appeared in recent weeks.

When they write the final history of central banks and the global financial crisis, the six weeks from 29 January to 16 March 2016 will be a prominent late chapter. We went from the Bank of Japan's (BoJ) surprise adoption of a negative interest rate to the Federal Reserve finally giving ground to market bearishness, with yet another game-changing intervention from the European Central Bank's (ECB) 'super' Mario Draghi (pictured) in between. Cazenove's Jeffrey: Why central banks have failed Not coincidentally, the S&P 500 index rallied 11% from its lows during the same period. Centr...